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Screen Rent-2 - Rent and Royalty Property Other and Passives (1041)

Personal Use Information

Number of days used personally/rented
The amounts you enter here determines the answers on Schedule E, Page 1, box 2.
Personal use percentage (Force)
Enter the percentage of personal use to allocate expenses on Schedule E.
Carryover of disallowed expenses into the current year: Operating/Depreciation
Enter the total of any personal use operating losses or depreciation disallowed in previous years. These amounts transfer to Schedule E, Page 1.

Refinancing Points

Use this section to enter information for points paid when refinancing and calculate the current year deduction. The remaining balance will transfer to next year.
Number of payments made this year
Enter the number of payments made this year. This number determines the amount of deductible points on the mortgage interest line, and any other amounts in the
Mortgage interest
field on the Rent screen.

Qualified Business Income Deduction

There are worksheets available in Forms view to review the calculations for the Qualified Business Income Deduction.
Activity qualifies as trade or business for section 199A deduction
If this field is blank, the activity will
not
 be included in the calculation of the qualified business income deduction (Section 199A).
Qualified business income (Force)
The Qualified Business Income deduction calculates using Schedule E, Page 1, total rental income or loss, and various additions and deductions from qualified business income. You can force a different amount here or enter zero (0) if the activity doesn't have any qualified income.
W2 Wages
If taxable income exceeds the threshold for QBID purposes, W2 wages are factored in as a limitation to the deduction. Enter the amount of W2 wages paid by the trade or business.
Unadjusted basis or qualified property
If taxable income exceeds the threshold for QBID purposes, the unadjusted basis in qualified property is factored in as a limitation to the deduction. Enter the amount of the unadjusted basis of qualified property used in this trade or business. When you use the asset module, the amount calculates and transfers to this field.
Portion of QBI allocable to qualified payments received from cooperative
If the farming business is a member of a specified agricultural or horticultural cooperative, enter the qualified business income allocable to qualified payments received from the cooperative. The amount entered here is on the Qualified Business Income Component Worksheet - Reduction for qualified payments received from cooperatives. See Publication 535 for more information.
Cooperative's QPAI deduction allocated to patron and identified in writing by cooperative
Enter the Domestic Production Activities Deduction allocated from the agricultural or horticultural cooperative, if any. Use only the amount reported from the cooperative to a patron for allocation under IRS Code Section 199A and not the previous Section 199.

Other Information

Amount "at risk," if not 100%
Enter the amount of the investment at risk. If this field is blank, 100-percent of the investment is at risk. The amount of loss for the current unit is limited to the amount in this field, if applicable. Form 6198 is available as a non-calculating form.
Preference items
Enter the alternative minimum tax preference amounts in the statement to complete Schedule I.

Passive Activity Information

Passive activity code
Items coded
1
 or
2
 are treated as passive. Only estates open for less than two years can use code 2. Entities coded
3
 are treated as nonpassive. If you enter passive carryovers for entities coded 3, it is considered a former passive activity. ;Income and losses are considered passive or active as follows:
  • If the current-year net income is less than the prior-year suspended losses, both prior-year suspended losses and current-year net income reports on Form 8582.
  • If the current-year net income is equal to or greater than the prior-year suspended losses, neither amount reports on Form 8582.
  • If there is a current-year net loss, only the prior-year suspended losses report on Form 8582.
Carryovers
Enter prior year suspended losses as positive amounts for both Regular and AMT amounts.. If there is no carryover amount, leave the fields blank.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
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